The US healthcare industry is aiming for a “financial model” that will emphasize on the value of the healthcare service rather than quantity. Therefore, this model will ensure that patients do not have to get confined to a hospital bed. What is the difference between valued based and quantity-based service?
Difference between quantity-based and value-based healthcare
In the case of the FSS or fee-for-service model, there is more revenue generation if the volume of patient increases. However, in the case of the other model, if a patient visits an emergency, it is regarded as an expense that you incur on the patient’s medical health. Here revenue generation is not the main point of focus.
As such, in the US, increasingly, a shift is being noticed towards value-based healthcare. So keeping pace with this trend, let us find out how this industry is shaping up. So, read on for more information on this sector – where it stands and the current scenario in the US.
Trends in US health care system
- Healthcare system and health plans
There are more instances of collaboration between various prevailing health plans. It is also being incorporated into the healthcare system which is on the rise. Indications are this will continue even in the future.
Emphasizing on “wellness, not an illness.”
Every effort is being made to ensure that there is a reduction in the incidence of hospital visits. Instead, there is more focus on preventive measures. So, as such, the latest “mantra” in the healthcare system is the tagline mentioned above.
Extensive research and also the studies are going on to ensure the role of technology in driving the healthcare system in the United States can be improved.
Virtual care on the rise
However, You will find that many medical practitioners and medical institutes are trying to incorporate the concept of virtual care into their regimen. It is not only a boon for the medical practitioners but is equally helpful for patients.
Working towards a better tomorrow
Few factors that are crucial attributes for shaping the future of the system not just in the United States but also globally include the following-
- Increase in the use of customized or personalized treatment procedures and medicine.
- The increasing role of “exponential technology.”
- The emergence of budding and “non-traditional” healthcare providers
- Public funding processes
- Increase in the number of delivery sites
Between 2017 and 2022, the expense on global healthcare will escalate by as much as 5.4% to generate an annual amount that will touch more than $10 trillion.
In a nutshell, more healthcare providers are emphasizing effective and better financial management aside from improved and state-of-art operational performance. Other attributes to watch out for in this sector include reduced cost, better reimbursement facilities, and provision, developing healthcare solutions that are effective and driven by better and improved innovation.
Do not be surprised if you see a rise in the number of private-public partnerships between healthcare service providers. As mentioned above, preventive healthcare is being vouched for rather than illness driven expenses.